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IIFL Securities has upgraded Eicher Motors to buy with a target price of Rs 22,700. Royal Enfield's market share in premium motorcycles has started improving in recent months, said IIFL Securities. Volume growth would depend on pick-up in the economy; however, there is a strong case for Eicher to start outperforming motorcycles, it said. More than half of Royal Enfield's retail sales in February 2020 were BS-VI; this shows product acceptance. Shares of Eicher Motors ended up 2.8% at Rs 17,768.80 on Thursday.